Marketing will Continue to Evolve
There’s no doubt that new technologies have had a profound impact on marketing.
Marketing today is very different from just a few years ago, and it’s only going to continue to evolve.
But, for some, there is a natural bias against new things. We tend to stick to what we know, even if it’s not the best option. This bias can be harmful in marketing, where it’s essential to constantly test new strategies to find the ones that work best.
Marketers Must Experiment
There’s an adage in marketing that holds many back: You’re not going to get fired from doing the same thing again, and it not working; you’ll get fired for trying something new. This bias to the status quo is not only wrong; it can be harmful and prevent growth. Rather than dismiss new opportunities as passing fads, marketers should – and must – experiment.
When the Internet first came into widespread use, there were doubters.
But, many recognized the potential of this new technology, and they were eager to take advantage of it. At the time, the Internet was a relatively new medium, and there were many opportunities for marketers to experiment and explore. They could create websites, run online campaigns, and reach a wider audience than ever before.
Marketing on the Internet is still a powerful tool to help brands reach a wider audience and achieve their marketing goals. Today the opportunities are more varied and sophisticated, but the basic principles remain the same. In hindsight, it seems silly that anyone could dismiss the power and potential of the Internet to change our lives.
New Marketing Technologies To Test
But, are other powerful opportunities that some marketers dismiss as “fads” today? Of course. NFTs, Live Stream Shopping, and Web 3.0 (or Metaverse).
NFTs
NFTs (non-fungible tokens) can be anything digital (an image, a song, a text, etc.) designed to give you something that can’t be copied.
Each NFT is a unique token on the blockchain, which means there can only be one owner of the original work, and these files are different from any other digital file.
So people care? The Nyan Cat meme cashed in close to $600K last year, and The Merge was sold on NFT marketplace Nifty Gateway between December 2 and 4th 2021, fetching a record sum of $91.8 million. That’s nice, but what does that mean for marketing?
Major brands like Taco Bell, Crockpot, Campbell’s, and Twitter have jumped into the NFT market. Here’s a continually updated list of how marketers use NFTs. NFTs may be a fad, but that’s not the point. NFTs have opened up the possibility of offering a whole new set of experiences for marketing to consumers, which leads to greater brand awareness and loyalty.
Live Stream Shopping
Shopping for items in real-time through a live video feed is known as live-stream shopping. Live stream shopping allows potential customers to see the product in question and ask the seller any questions about it.
Also known as Live Commerce Shopping, this may seem like simply a refreshed take on the Home Shopping Network. And, it very may well be…but marketers should not dismiss it as 1980’s shopping on QVC. In 2021, live stream e-commerce was forecast to generate $11 billion dollars in online sales in the United States.
Brands should test live stream shopping because it can help sell products. Brands can demonstrate products and make the buying process easier and more efficient for customers since they can ask questions.
Will live stream commerce work for your brand? Uncertain. But worth a test.
WEB 3.0
Web 3.0 or Web3 is the next generation of the World Wide Web. It involves semantic web technology and artificial intelligence and builds on the previous internet infrastructure’s interactive and socially connected websites.
You’ve at least heard of AI and may even be using forms of it in your marketing today, but what’s semantic web technology? It provides a framework for information to be reused and shared more easily among programs, communities, and companies.
Heard of the Metaverse?
Web 3.0 will enable the creation of virtual worlds within the Internet. A Web 3.0 environment will create advanced user experience capabilities allowing a new world full of innovation in advertising and marketing. Perhaps virtual shopping malls where users can interact and buy products?
Innovation is the fuel of marketing
Innovation in marketing is critical to the success of any company. The days when marketers could use a one-size-fits-all approach and still drive successful results are long gone.
Marketers need to constantly look for new technologies that can help them connect and authentically engage with consumers. It doesn’t matter what your thoughts may be about these innovations – if they work, it’s worth embracing them.
